Political logic suggests that this year Obama will try to rekindle the love of young voters with some forgiveness of student debts. But one-third of students do not borrow to pay college tuition. The average debt for those who do borrow to attend a four-year public institution is $22,000, and the average difference between the per-year earnings of college graduates and those with only a high school diploma is . . . $22,000.

It will be interesting to see how such a bailout of young and privileged borrowers will appeal to voters, who will begin to be heard from in Iowa. Before this year is many months old, discerning conservatives may decide that Obama probably has been rescued by the Republican nominating electorate and hence it is time to begin focusing on two things other than the 2012 presidential election. One is capturing the Senate. The other is preparing the ground for a better presidential nomination competition in 2016.

In any case, nothing that happens this November will bring an apocalypse. America had 43 presidencies before the current one and will have many more than that after the end of this one in 2013 or 2017. Decades hence, it will look like most others, a pebble in the river of U.S. history.